SHANGHAI –

Following the announcement that DreamWorks Animation has moved Kung Fu Panda 3’s release date up from 2016 to late 2015, one of the company’s Shanghai-based partners has confirmed that production on the film is slated to begin in August.

The news comes from a report by The Hollywood Reporter covering a Shanghai International Film Festival Forum panel held earlier this week in which Chinese media, film and financial executives spoke about their experiences working with their U.S peers

Speaking at the event, Peter Li, managing director of China Media Capital (CMC) and a board member of one of the film’s co-producers, Oriental DreamWorks, reportedly said Oriental DreamWorks will handle one-third of the production work on the project, with the remainder to be done in the U.S.

The arrangement will allow Kung Fu Panda 3 to attain official co-production status in China, a designation that will see the film circumventing the country’s strict import quota and its production companies securing a higher percentage of box-office revenue.

The Shanghai-based Oriental DreamWorks is owned by DreamWorks Animations, CMC, Shanghai Media Group and Shanghai Alliance.